Judge OKs Golden Gate Capital’s Eddie Bauer offer

A bankruptcy judge in the state of Delaware has approved the sale of Eddie Bauer Holdings Inc.’s assets to San Francisco private equity firm Golden Gate Capital for $286 million in cash.

Golden Gate has agreed to keep at least 300 of Eddie Bauer’s 370 stores open. Bellevue, Wash.-based Eddie Bauer filed for bankruptcy protection June 17, saying it was overwhelmed by more than $300 million in debt from lenders and bondholders.

Eddie Bauer operates a half-dozen stores in Ohio and a 2.2 million-square-foot distribution center in Groveport, where the company employs several hundred workers.